DSE : RELIANCINS
Reliance Insurance PLC. — Financial statements
Insurance Carriers · Bangladesh
Last price 93.6 BDT (At close: Oct 29, 2026) · Market cap 9.84B
Latest research: Reliance Insurance financial analysis: 53% combined ratio and investment income at 58% of profit (Oct 2026) · Reliance Insurance: low-cost underwriting and a big bond book, with a fire loss and an SBC receivable to watch
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Financial statements
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Premiums & Annuity Revenue | 1.66B | 1.60B | 1.45B | 1.34B | 1.27B | 1.15B |
| Total Interest & Dividend Income | 807.78M | 762.50M | 612.31M | 410.86M | 309.96M | 299.41M |
| Gain (Loss) on Sale of Investments | 232.66K | 5.65M | 16.04M | |||
| Other Revenue | 438.90M | 471.89M | 417.08M | 334.15M | 319.90M | 276.85M |
| Total Revenue | 2.90B | 2.83B | 2.48B | 2.08B | 1.91B | 1.74B |
| Policy Benefits | 282.06M | 402.14M | 357.89M | 328.26M | 268.49M | 281.28M |
| Policy Acquisition & Underwriting Costs | 541.76M | 541.76M | 289.56M | 281.10M | 304.87M | 186.11M |
| Depreciation & Amortization | 118.00M | 118.00M | 28.00M | 38.83M | 39.25M | 39.79M |
| Selling, General & Administrative | 442.42M | 432.00M | 431.93M | 423.17M | 412.45M | 358.62M |
| Total Operating Expenses | 1.38B | 1.49B | 1.11B | 1.07B | 1.03B | 898.51M |
| Operating Income | 1.52B | 1.34B | 1.38B | 1.01B | 884.62M | 842.66M |
| Other Non Operating Income (Expenses) | -8.19M | -8.19M | -6.70M | -6.40M | -6.01M | -5.90M |
| EBT Excluding Unusual Items | 1.51B | 1.33B | 1.37B | 1.01B | 878.60M | 836.76M |
| Gain (Loss) on Sale of Assets | 1.18M | 1.18M | 665.27K | 716.41K | 4.08M | 101.33K |
| Pretax Income | 1.51B | 1.33B | 1.37B | 1.01B | 882.68M | 836.86M |
| Income Tax Expense | 508.44M | 445.38M | 410.20M | 316.43M | 266.75M | 249.05M |
| Net Income | 1.00B | 885.25M | 958.84M | 690.18M | 615.93M | 587.81M |
| Net Income to Common | 1.00B | 885.25M | 958.84M | 690.18M | 615.93M | 587.81M |
| Shares Outstanding (Basic) | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M |
| Shares Outstanding (Diluted) | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M |
| EPS (Basic) | 9.55 | 8.42 | 9.12 | 6.56 | 5.86 | 5.59 |
| EPS (Diluted) | 9.55 | 8.42 | 9.12 | 6.56 | 5.86 | 5.59 |
| Free Cash Flow | -163.74M | 617.20M | 67.56M | 447.84M | 538.96M | 645.80M |
| Free Cash Flow Per Share | -1.56 | 5.87 | 0.64 | 4.26 | 5.12 | 6.14 |
| Dividend Per Share | 3.00 | 3.00 | 3.00 | 2.50 | 2.50 | 2.50 |
| Operating Margin | 52.33% | 47.24% | 55.39% | 48.58% | 46.32% | 48.40% |
| Profit Margin | 34.58% | 31.26% | 38.62% | 33.12% | 32.25% | 33.76% |
| Free Cash Flow Margin | -5.64% | 21.80% | 2.72% | 21.49% | 28.22% | 37.09% |
| EBITDA | 1.64B | 1.46B | 1.40B | 1.05B | 923.86M | 882.45M |
| EBITDA Margin | 56.48% | 51.39% | 56.51% | 50.44% | 48.38% | 50.68% |
| D&A For EBITDA | 120.39M | 117.61M | 28.00M | 38.83M | 39.25M | 39.79M |
| EBIT | 1.52B | 1.34B | 1.38B | 1.01B | 884.62M | 842.66M |
| EBIT Margin | 52.33% | 47.24% | 55.39% | 48.58% | 46.32% | 48.40% |
| Effective Tax Rate | 33.61% | 33.47% | 29.96% | 31.44% | 30.22% | 29.76% |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Investments in Debt Securities | 2.88B | 1.82B | 1.00B | 698.71M | 651.97M | |
| Investments in Equity & Preferred Securities | 1.56B | 1.48B | 2.00B | 1.99B | 2.52B | |
| Other Investments | 5.10B | 247.16M | 297.03M | 197.55M | 182.05M | |
| Total Investments | 5.10B | 4.69B | 3.61B | 3.20B | 2.88B | 3.17B |
| Cash & Equivalents | 4.49B | 3.60B | 3.62B | 4.13B | 3.93B | 3.48B |
| Reinsurance Recoverable | 1.06B | 1.06B | 135.55M | 123.25M | 117.22M | |
| Other Receivables | 347.25M | 378.18M | 284.24M | 239.46M | 208.48M | |
| Property, Plant & Equipment | 2.67B | 2.71B | 3.01B | 2.93B | 2.85B | 2.77B |
| Other Intangible Assets | 2.25M | 1.17M | 410.81K | 20.00 | 20.00 | |
| Other Current Assets | 3.56B | 2.04B | 2.27B | 1.85B | 1.59B | 1.33B |
| Other Long-Term Assets | 722.66M | 721.99M | -1.00 | -1.00 | ||
| Total Assets | 16.55B | 15.17B | 13.93B | 12.53B | 11.61B | 11.08B |
| Accrued Expenses | 70.81M | 116.98M | 105.52M | 75.49M | 27.58M | |
| Insurance & Annuity Liabilities | 7.63B | 677.06M | 620.87M | 564.77M | 574.63M | 494.52M |
| Unpaid Claims | 647.33M | 491.77M | 556.55M | 383.77M | 480.31M | |
| Unearned Premiums | 1.89B | 1.58B | 1.44B | 1.41B | 1.04B | |
| Reinsurance Payable | 671.56M | 759.64M | 204.93M | 286.41M | 393.37M | |
| Current Income Taxes Payable | 2.09B | 2.42B | 1.97B | 1.65B | 1.38B | |
| Long-Term Deferred Tax Liabilities | 471.63M | 384.88M | 422.32M | 427.05M | 313.13M | |
| Other Current Liabilities | 8.01M | 52.84M | 54.26M | 50.86M | 45.42M | 40.61M |
| Other Long-Term Liabilities | 188.79M | 184.40M | 175.37M | 169.76M | 141.21M | |
| Total Liabilities | 7.64B | 6.86B | 6.62B | 5.50B | 5.02B | 4.31B |
| Common Stock | 1.05B | 1.05B | 1.05B | 1.05B | 1.05B | 1.05B |
| Retained Earnings | 5.31B | 4.94B | 4.36B | 3.66B | 3.23B | 2.88B |
| Comprehensive Income & Other | 2.54B | 2.31B | 1.90B | 2.31B | 2.30B | 2.84B |
| Shareholders' Equity | 8.91B | 8.30B | 7.32B | 7.03B | 6.59B | 6.77B |
| Total Liabilities & Equity | 16.55B | 15.17B | 13.93B | 12.53B | 11.61B | 11.08B |
| Filing Date Shares Outstanding | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M |
| Total Common Shares Outstanding | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M | 105.16M |
| Net Cash (Debt) | 4.49B | 3.60B | 3.62B | 4.13B | 3.93B | 3.48B |
| Net Cash Per Share | 42.69 | 34.21 | 34.38 | 39.23 | 37.40 | 33.12 |
| Book Value Per Share | 84.68 | 78.95 | 69.59 | 66.85 | 62.62 | 64.39 |
| Tangible Book Value | 8.91B | 8.30B | 7.32B | 7.03B | 6.59B | 6.77B |
| Tangible Book Value Per Share | 84.68 | 78.93 | 69.58 | 66.85 | 62.62 | 64.39 |
| Land | 1.80B | 1.46B | 1.46B | 1.46B | 1.46B | |
| Buildings | 446.81M | 426.92M | 426.92M | 426.92M | 486.84M | |
| Machinery | 723.74M | 223.67M | 228.28M | 217.40M | 200.85M | |
| Construction In Progress | 1.19B | 1.11B | 1.00B | 906.94M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.00B | 885.25M | 958.84M | 690.18M | 615.93M | 587.81M |
| Depreciation & Amortization | 120.39M | 117.61M | 28.00M | 38.83M | 39.25M | 39.79M |
| Other Amortization | 383.82K | 383.82K | ||||
| Gain (Loss) on Sale of Assets | -2.49M | -1.18M | -665.27K | -716.41K | -4.08M | -101.33K |
| Gain (Loss) on Sale of Investments | -232.66K | -5.65M | -16.04M | |||
| Change in Unearned Revenue | -498.38M | 109.99M | 142.61M | 205.73M | 273.81M | 240.87M |
| Change in Insurance Reserves / Liabilities | 295.04M | 155.58M | -65.41M | 173.61M | -97.37M | 15.12M |
| Change in Other Net Operating Assets | -466.53M | 126.59M | -359.87M | -247.73M | 131.62M | 229.35M |
| Other Operating Activities | -509.11M | -672.99M | -531.24M | -347.94M | -258.93M | -260.04M |
| Operating Cash Flow | -54.17M | 719.53M | 174.32M | 509.40M | 694.31M | 837.39M |
| Capital Expenditures | -109.57M | -102.33M | -106.76M | -61.55M | -155.35M | -191.58M |
| Sale of Property, Plant & Equipment | 2.68M | 1.37M | 1.35M | 1.40M | 1.71M | 1.31M |
| Investment in Securities | -65.29M | -1.04B | -812.29M | -306.59M | -114.98M | -261.60M |
| Other Investing Activities | 684.32M | 713.74M | 496.24M | 312.76M | 287.54M | 249.35M |
| Investing Cash Flow | 512.14M | -422.32M | -421.46M | -53.99M | 18.92M | -202.52M |
| Common Dividends Paid | -311.64M | -315.67M | -262.68M | -262.45M | -264.01M | -267.99M |
| Financing Cash Flow | -311.64M | -315.67M | -262.68M | -262.45M | -264.01M | -267.99M |
| Miscellaneous Cash Flow Adjustments | -2.00 | -1.00 | -1.00 | 1.00 | ||
| Net Cash Flow | 146.34M | -18.45M | -509.83M | 192.96M | 449.22M | 366.88M |
| Free Cash Flow | -163.74M | 617.20M | 67.56M | 447.84M | 538.96M | 645.80M |
| Free Cash Flow Margin | -5.64% | 21.80% | 2.72% | 21.49% | 28.22% | 37.09% |
| Free Cash Flow Per Share | -1.56 | 5.87 | 0.64 | 4.26 | 5.12 | 6.14 |
| Levered Free Cash Flow | 577.52M | 1.10B | 436.42M | 772.53M | 631.99M | 772.59M |
| Unlevered Free Cash Flow | 577.52M | 1.10B | 436.42M | 772.53M | 631.99M | 772.59M |
| Cash Income Tax Paid | 213.13M | 355.88M | 329.14M | 253.50M | 215.72M | 209.68M |
| Change in Working Capital | -667.55M | 390.46M | -280.61M | 129.28M | 307.79M | 485.97M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.84B | 6.86B | 6.02B | 7.20B | 6.14B | 9.20B |
| Enterprise Value | 5.35B | 3.21B | 2.22B | 2.93B | 2.60B | 5.76B |
| PE Ratio | 9.80 | 7.75 | 6.27 | 10.44 | 9.97 | 15.65 |
| PS Ratio | 3.39 | 2.42 | 2.42 | 3.46 | 3.22 | 5.29 |
| PB Ratio | 1.11 | 0.83 | 0.82 | 1.02 | 0.93 | 1.36 |
| P/FCF Ratio | 11.11 | 89.03 | 16.09 | 11.39 | 14.25 | |
| P/OCF Ratio | 9.53 | 34.51 | 14.14 | 8.85 | 10.99 | |
| EV/Sales Ratio | 1.84 | 1.13 | 0.90 | 1.41 | 1.36 | 3.31 |
| EV/EBITDA Ratio | 3.26 | 2.21 | 1.58 | 2.79 | 2.82 | 6.52 |
| EV/EBIT Ratio | 3.52 | 2.40 | 1.62 | 2.90 | 2.94 | 6.83 |
| EV/FCF Ratio | 5.20 | 32.89 | 6.55 | 4.83 | 8.91 | |
| Net Debt / Equity Ratio | -0.50 | -0.43 | -0.49 | -0.59 | -0.60 | -0.51 |
| Net Debt / EBITDA Ratio | -2.74 | -2.47 | -2.58 | -3.92 | -4.26 | -3.95 |
| Net Debt / FCF Ratio | 27.42 | -5.83 | -53.52 | -9.21 | -7.30 | -5.39 |
| Quick Ratio | 0.59 | 0.69 | 0.70 | 0.99 | 1.06 | 1.08 |
| Current Ratio | 1.05 | 1.30 | 1.35 | 1.48 | 1.53 | 1.53 |
| Asset Turnover | 0.18 | 0.20 | 0.19 | 0.17 | 0.17 | 0.16 |
| Return on Equity (ROE) | 12.27% | 11.33% | 13.36% | 10.14% | 9.22% | 8.94% |
| Return on Assets (ROA) | 5.94% | 5.75% | 6.50% | 5.24% | 4.87% | 4.93% |
| Return on Invested Capital (ROIC) | 11.47% | 11.39% | 13.42% | 10.20% | 9.24% | 9.00% |
| Earnings Yield | 10.20% | 12.91% | 15.94% | 9.58% | 10.03% | 6.39% |
| FCF Yield | -1.66% | 9.00% | 1.12% | 6.22% | 8.78% | 7.02% |
| Dividend Yield | 3.21% | 4.60% | 5.24% | 3.65% | 4.28% | 2.86% |
| Payout Ratio | 31.03% | 35.66% | 27.40% | 38.03% | 42.86% | 45.59% |
| Total Shareholder Return | 3.21% | 4.60% | 5.24% | 3.65% | 4.28% | 2.86% |